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How does social media shape stock liquidity? The role of investor online communication networks
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-09 DOI: 10.1016/j.irfa.2025.104236
Jie Cao , Zhongyang Zou , Xin Yang , Xiong Xiong
{"title":"How does social media shape stock liquidity? The role of investor online communication networks","authors":"Jie Cao ,&nbsp;Zhongyang Zou ,&nbsp;Xin Yang ,&nbsp;Xiong Xiong","doi":"10.1016/j.irfa.2025.104236","DOIUrl":"10.1016/j.irfa.2025.104236","url":null,"abstract":"<div><div>Stocks are embedded within a network of digital connections that arises from the online communication of investors on social media platforms. This paper aims to investigate how the centrality of this network impacts the stock liquidity. Using user-generated text data from the Eastmoney forum, we find that the network centrality can enhance stock liquidity. This enhancement may be achieved through improving firm information transparency and attracting investor attention. Additionally, this positive impact is more pronounced when the network is constructed using higher-quality and more optimistic text. Finally, we document that the structure of this investor online communication network can also significantly drive liquidity spillovers. Overall, our results provide new insights into the network relationships between stocks and highlight the role of investors' online communication on social media in shaping investor trading and stock liquidity dynamics.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104236"},"PeriodicalIF":7.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143825901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Firm-level economic policy uncertainty and M&A: Evidence from MD&A textual analysis
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-09 DOI: 10.1016/j.irfa.2025.104233
Wan Zhang , Qizhi Tao , Yicheng Sun , Yue Liu
{"title":"Firm-level economic policy uncertainty and M&A: Evidence from MD&A textual analysis","authors":"Wan Zhang ,&nbsp;Qizhi Tao ,&nbsp;Yicheng Sun ,&nbsp;Yue Liu","doi":"10.1016/j.irfa.2025.104233","DOIUrl":"10.1016/j.irfa.2025.104233","url":null,"abstract":"<div><div>This paper examines how firm-level economic policy uncertainty (<em>FEPU</em>) affects the mergers and acquisitions (M&amp;A) decisions of listed firms. Using a sample of 33,078 firm-year observations from 4356 Chinese listed firms between 2007 and 2022, we find a consistent negative relationship between <em>FEPU</em> and M&amp;A activity. Our analysis shows that this negative effect is more pronounced in firms with higher irreversibility of investment, supporting the real options theory. It is also more significant in firms with higher financial constraints and in non-state-owned enterprises (non-SOEs), consistent with the risk premia theory. Additionally, the negative effect is stronger in firms with weaker governance structures, aligning with the agency theory. Our analyses also demonstrate that industry regulations and managerial characteristics significantly moderate the impact of <em>FEPU</em> on M&amp;A motivation. Specifically, firms in less regulated industries experience a more pronounced negative effect of <em>FEPU</em> on M&amp;A. Moreover, the risk aversion of older CEOs and female managers further amplifies the adverse impact of <em>FEPU</em> on M&amp;A activities. Overall, by emphasizing the distinctiveness of <em>FEPU</em> compared to macro-level economic policy uncertainty measures, our study provides novel firm-level evidence on how economic policy uncertainty affects M&amp;A activities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104233"},"PeriodicalIF":7.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143839080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How family control affects the sustainable development of enterprises: An analysis of the actual controllers' characteristics
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-09 DOI: 10.1016/j.irfa.2025.104238
Wentao Gu, Wanting Mo
{"title":"How family control affects the sustainable development of enterprises: An analysis of the actual controllers' characteristics","authors":"Wentao Gu,&nbsp;Wanting Mo","doi":"10.1016/j.irfa.2025.104238","DOIUrl":"10.1016/j.irfa.2025.104238","url":null,"abstract":"<div><div>Studying sustainable performance based on environmental, social, and corporate governance dimensions is essential for family firms to improve their competitiveness and address emerging challenges. This study uses data from China-listed family businesses from 2015 to 2021 to explore the effects of the controller's ownership and kinship characteristics on the sustainable development of family businesses. The empirical findings indicate that ownership negatively affects the sustainable development of family businesses, whereas kinship between controllers and founders promotes green sustainability. Furthermore, kinship enhances sustainable development by increasing extended socio-emotional wealth (ESEW). When family control is behind the scenes, ownership reduces ESEW, thus decreasing firm sustainability. Additionally, overseas study backgrounds and second-generation involvement strengthen the positive impact of kinship on sustainable development, while second-generation involvement positively moderates the negative impact of ownership on sustainability. The main results remain robust through endogeneity and robustness tests. This study also provides recommendations for family businesses to facilitate their sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104238"},"PeriodicalIF":7.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143826027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-08 DOI: 10.1016/j.irfa.2025.104242
Guangrui Liu , Ying Fang , Hao Qian , Zhigang Ding , Alex Zhang , Songlin Zhang
{"title":"Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing","authors":"Guangrui Liu ,&nbsp;Ying Fang ,&nbsp;Hao Qian ,&nbsp;Zhigang Ding ,&nbsp;Alex Zhang ,&nbsp;Songlin Zhang","doi":"10.1016/j.irfa.2025.104242","DOIUrl":"10.1016/j.irfa.2025.104242","url":null,"abstract":"<div><div>This study examines how government environmental subsidies impact firm environmental, social, and governance (ESG) information disclosure by focusing on incentive-driven and catering effects. Using data from Chinese listed companies (2011−2021), we develop an ESG report greenwashing catering index. We show that these subsidies generally promote greenwashing in ESG disclosures, with the catering effect outweighing the incentive effect. This is driven mainly by increased investor sentiment, analyst attention and risk-taking capacity following subsidy receipt. Management's greenwashing is amplified by executives' political connections and is more prevalent in the sample of heavy polluters, state-owned enterprises, firms under strong environmental regulation, firms exhibiting voluntary disclosure and firms with poor ESG performance. Overall, we reveal the catering effect of ESG reporting on greenwashing through government environmental subsidies and introduce a new theoretical perspective on such greenwashing.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104242"},"PeriodicalIF":7.5,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143823861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impact of Fintech on supply chain resilience
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-07 DOI: 10.1016/j.irfa.2025.104241
Fang Liu , Linling Xie , Wei Liu
{"title":"Impact of Fintech on supply chain resilience","authors":"Fang Liu ,&nbsp;Linling Xie ,&nbsp;Wei Liu","doi":"10.1016/j.irfa.2025.104241","DOIUrl":"10.1016/j.irfa.2025.104241","url":null,"abstract":"<div><div>This study examines the impact of financial technology (fintech) on corporate supply chain resilience. The findings indicate that fintech development significantly strengthens supply chain resilience, particularly in enhancing resistance to disruptions and recovery capabilities. A mechanism analysis reveals that this effect is driven by the expansion of supply chain finance and the reduction of supply chain concentration. Additionally, a heterogeneity analysis shows that fintech plays a more pronounced role in improving supply chain resilience for non-state-owned enterprises, firms facing high financing constraints, and businesses operating in regions with a higher level of market development. This paper offers both theoretical insights and practical guidance for corporations aiming to bolster supply chain resilience in the fintech era.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104241"},"PeriodicalIF":7.5,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143833904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diabetes burden and firm value: The role of labor
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-06 DOI: 10.1016/j.irfa.2025.104211
Siying Quan , Peng Cheng , Jia Zhai
{"title":"Diabetes burden and firm value: The role of labor","authors":"Siying Quan ,&nbsp;Peng Cheng ,&nbsp;Jia Zhai","doi":"10.1016/j.irfa.2025.104211","DOIUrl":"10.1016/j.irfa.2025.104211","url":null,"abstract":"<div><div>Building on human relations and stakeholder theories, we demonstrate a negative relationship between state-level diabetes burden, measured by diabetes-related death rates, and firm value. We identify three key moderating channels: organizational capital, which captures a firm's ability to attract and retain skilled labor; labor-intensive industries, such as mining and manufacturing; and labor productivity, measured by sales per employee. This study contributes to the ESG (environmental, social, governance) literature by illustrating how community health influences corporate performance and by providing empirical evidence linking the diabetes burden to firm value. By integrating health factors into business strategies, we expand the literature on firm valuation and emphasize the role of public health in creating value by aligning stakeholder interests with workforce wellbeing. The findings also offer practical implications for policymakers and managers, highlighting the importance of recognizing chronic disease burdens as key determinants of firm performance in the pursuit of sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104211"},"PeriodicalIF":7.5,"publicationDate":"2025-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-06 DOI: 10.1016/j.irfa.2025.104224
Tianze Zhang , Xueqi Zhao , Yue Xi
{"title":"Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market","authors":"Tianze Zhang ,&nbsp;Xueqi Zhao ,&nbsp;Yue Xi","doi":"10.1016/j.irfa.2025.104224","DOIUrl":"10.1016/j.irfa.2025.104224","url":null,"abstract":"<div><div>This study examines the effect of supply chain digital transformation (SCDT) on corporate green innovation. We focused on listed companies in China's A-share market from 2007 to 2023, utilizing text analysis to construct an index that measures the digital transformation of corporate supply chains. Our empirical findings indicate that the SCDT significantly increased corporate green innovations. Furthermore, the mechanism analysis suggests that the improvement in net cash flow and the alleviation of financing constraints brought about by the SCDT significantly promote firms' engagement in green innovation. In addition, we find that the effect of supply chain digital transformation on green innovation is pronounced in firms with higher environmental performance, a larger proportion of female executives, and those located in provinces with higher government environmental expenditures.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104224"},"PeriodicalIF":7.5,"publicationDate":"2025-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How mayors’ promotion incentives shape corporate green innovation disclosure? Evidence from China’s New Environmental Protection Law
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-05 DOI: 10.1016/j.irfa.2025.104181
Jiaqi Li , Rui Sun , Mingduo Zhao
{"title":"How mayors’ promotion incentives shape corporate green innovation disclosure? Evidence from China’s New Environmental Protection Law","authors":"Jiaqi Li ,&nbsp;Rui Sun ,&nbsp;Mingduo Zhao","doi":"10.1016/j.irfa.2025.104181","DOIUrl":"10.1016/j.irfa.2025.104181","url":null,"abstract":"<div><div>We investigate the impact of mayors’ promotion incentives on corporate green innovation disclosures following China’s implementation of the New Environmental Protection Law (NEPL) in 2015. The NEPL signaled a nationwide escalation in environmental regulations. Although firms governed by high-promotion-incentivized mayors disclosed fewer green innovations than firms governed by low-promotion-incentivized mayors, they increased their green innovation disclosures more significantly after the NEPL implementation. Our results capture the dynamics of corporate green innovation disclosure around NEPL implementation by measuring firm green innovation disclosure using neural network-based machine-learning techniques. Furthermore, this improvement in green innovation disclosure is more pronounced for firms in pollution-heavy industries, firms with political ties, and those facing high litigation risks. Lastly, environmental media coverage and investigation mechanisms amplify the positive effect of mayors’ promotion incentives on green innovation disclosures. Our study highlights the age factor in local politicians’ promotion incentives for corporate green innovation disclosure.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104181"},"PeriodicalIF":7.5,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cyber risk and corporate share repurchases
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-05 DOI: 10.1016/j.irfa.2025.104232
Chien-Chiang Lee , Chih-Wei Wang , Weizheng Lin , En-Jia Chen
{"title":"Cyber risk and corporate share repurchases","authors":"Chien-Chiang Lee ,&nbsp;Chih-Wei Wang ,&nbsp;Weizheng Lin ,&nbsp;En-Jia Chen","doi":"10.1016/j.irfa.2025.104232","DOIUrl":"10.1016/j.irfa.2025.104232","url":null,"abstract":"<div><div>This study investigates the relationship between cyberattacks and corporate share repurchases among U.S. firms. The results indicate that firms typically increase share repurchases following a cyberattack, driven by firm undervaluation and improvements in corporate governance. To address potential endogeneity concerns, this research employs several methods to enhance the robustness of our findings. Additionally, we observe that peer firms exhibit heightened repurchase activity in response to cyberattacks. Our heterogeneity analysis further reveals that finance, services, and high-tech firms are exceptionally responsive to cyberattacks, significantly increasing repurchase activity. Results also find that firms in states with lower economic policy uncertainty and those with more substantial financial performance are more likely to engage in share repurchases.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104232"},"PeriodicalIF":7.5,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143823859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enhancing corporate total factor productivity: The dual drivers of inclusive finance and technological progress
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-04 DOI: 10.1016/j.irfa.2025.104213
Xueqin Dong , Dongdong Dong , Lilong Huang
{"title":"Enhancing corporate total factor productivity: The dual drivers of inclusive finance and technological progress","authors":"Xueqin Dong ,&nbsp;Dongdong Dong ,&nbsp;Lilong Huang","doi":"10.1016/j.irfa.2025.104213","DOIUrl":"10.1016/j.irfa.2025.104213","url":null,"abstract":"<div><div>This study employs data from Chinese listed companies between 2011 and 2022 to explore the synergetic effects of inclusive finance and technological progress on the enhancement of corporate total factor productivity (TFP). The results indicate that both inclusive finance and technological advancements independently contribute to the elevation of corporate TFP. Moreover, technological progress acts as a crucial bridge, facilitating the positive impact of inclusive finance on corporate TFP. Additionally, the study finds heterogeneous effects of inclusive finance and technological progress on TFP improvement across state-owned and private enterprises, highlighting the need for tailored strategies to maximize productivity gains in different ownership contexts.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104213"},"PeriodicalIF":7.5,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143799580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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